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XVG - Verge possible Descending Broadening Wedge

So as expected in our previous verge analysis the price fell off to the support regions that were indicated. (Will leave a link to the previous analysis at the end of this post)

So whats next? Its hard to tell but if I were to make an analysis right now I would say that we are in a descending broadening wedge which usually breaks upwards. Analyzing alts at the moment is really hard due to the instability of bitcoin and the fork, but nevertheless I will try to keep you all updated as much as I can.

If it breaks up - The target is indicated in a green dashed line in the chart.

Previous analysis:

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trying to breakout

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Broke out after resistance. I'm in

تم فتح الصفقة

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overbought so small drop them to target. bullish cloud, bullish macd

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Verge rocket, tested upper wedge line 3 times then went straight up. Target is almost reached. Will add a 2nd target based on the situation soon.

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Still overbought RSI and not so good MACD, but the momentum of buying is crazy so its just going up.

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hahahah ok now whales were able to control it. Fell down from 1229 to 1100, so now the RSI is not overbought anymore. However, the macd is still not that good. So I'm assuming when our target is reached a correction will happen which will reverse the current state of the MACD.

Either way dont ride the wave if you are a noob. Just hold till the target. Everything is bullish from the ich cloud to the volume to breaking the wedge.

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Dont freak out... This drop is just to adjust the MACD as I mentioned an hour ago.

MACD is almost adjusted.

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I know it looks scary and all, but just believe me, MACD is almost bullish, cloud is bullish, RSI is now under 50.
So 10 more mins and it will start heading towards the target.

I have been up for 24+ hours so I won't be able to give much updates. All I know for now is....Target specified will be reached.

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ok wew, one last fall before the target.

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ok the last drop is about to happen now.... this took an hour lol.

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I sold out and have been waiting for the final drop before reaching the target, but these whales are just messing with the price so much lol.

Anyway I'm not buying back in till it drops to 1017
At this price the RSI becomes under bought and the MACD becomes fully bullish. So eventually it must drop there.

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2 hours later finally the fall I was waiting for happened. For F*** sake. I haven't slept yet.

Anyway, the price fell down, RSI MACD should be fine now. We are going straight to target from now on.

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Finally last 5 shitty mins, right after the candles closes we should be good to go. I will set a sell limit and go to sleep.
Target is 100% granteed beyond that I dont know as I'm really tired and can't pay attention to details anymore. I haven't bought yet, waiting for 1040ish sat to get back in.
Sorry for all of the updates, specially if you have notifications on and you are not even in verge :D

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Analysis above is showing the formation of a symmetrical triangle which if it breaks upward it will reach 1400
and if it breaks downward it will reach 818

MACD, Cloud, and RSI are looking bullish so most likely it will break upwards. Nevertheless you should have a stop loss just in case it breaks downwards.

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Just sold, will wait for the price to retest support.

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We will rebuy back once the RSI is about 31 (will let you know when)
I believe 1020 to 1050. However will let you know for sure when to buy back once the price drops.

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You can buy now, if it drops more than 1000 sell.

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A common mistake : ignoring the state of Bitcoin which affercts the analysis of alt coins. I was tired and couldn't pay attention to details. Basically Bitcoin is draining the alt market from money due to it's movements so even though we broke out there isn't much momentum' to move which explains why the ich... cloud is neither up nor downtrend.

However the fact that the price isn't dropping means we are in a safe area and the coin will go to the target once people come back to alts.

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Falling wedge, tends to break upwards

<deleted>

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**Prediction:

will touch the end of the channel at 932 then breakout from there. This is a prediction, dont take it as a trading idea.

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Im back in, broke channel, bullish MACD, bullish cloud, bullish RSI.

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I'm using a new indicator called coral trend , it gave me a buy signal for verge at 1060. However, I didn't follow with it as its my first time using it.
However, it seems to be pretty effective, will keep testing it and if it does work I will include it in future posts. For now lets see what happens.

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indicators are bearish back again :D TBH its better to hold than ride the wave....
just keep holding for the target unless the price drops a lot.

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I'm out of all alts, just holding BTC.

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Ofc because of bitcoin's price change.

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John McAfee's tweet:

"I recommended Verge when it was less than a penny - saying it might rise 100% to two pennies. The price has been wrongly pumped beyond reason by referencing fake Twitter accounts and Instagrams which I have never had and then I am diss'd when I point out the fraud. Please stop."

Bad news kinda.

أغلقت الصفقة: تم الوصول للهدف

Target reached

DCFreak

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DCFreak

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